U.S. farmers' 2024 crop intentions: 5 % less corn and 3 % more soybeans

 According to the latest expected planting report released by the U.S. Department of Agriculture's National Agricultural Statistics Service (NASS), U.S. farmers' planting plans for 2024 will show a trend of "less corn and more soybeans."

Farmers surveyed across the United States plan to plant 90 million acres of corn in 2024, down 5% from last year, according to the report. Corn planting intentions are expected to decline or remain unchanged in 38 of the 48 growing states. Illinois, Indiana, Iowa, Minnesota, Missouri, Ohio, South Dakota and Texas will see reductions of more than 300,000 acres.

In contrast, soybean acreage has increased. Farmers plan to plant 86.5 million acres of soybeans in 2024, up 3% from last year. Soybean acreage in Arkansas, Illinois, Indiana, Iowa, Kentucky, Louisiana, Michigan, Minnesota, North Dakota, Ohio and South Dakota is expected to increase by 100,000 acres or more from last year, with Kentucky and New York setting record highs.

In addition to corn and soybeans, the report projects a total wheat acreage of 47.5 million acres in 2024, down 4% from 2023. 34.1 million acres of winter wheat, down 7% from 2023; Other spring wheat 11.3 million acres, up 1%; Durum wheat 2.03 million acres, up 22%; Cotton 10.7 million acres, up 4%.

Meanwhile, NASS's quarterly grain stocks report showed total U.S. corn stocks stood at 8.35 billion bushels as of March 1, up 13% from a year earlier. Total soybean stocks were 1.85 billion bushels, up 9%; Total wheat stocks were 1.09 billion bushels, up 16%; Durum wheat stocks totaled 36.6 million bushels, up 2 percent. 

Expected planting, grain stocks and all other NASS reports are available online at www.nass.usda.gov.